We rented a jackhammer for work, that came with a compressor on a small trailer. The compressor was a Ford V8. One bank of cylinders had a normal head, and ran as a 4 cylinder, and the other bank had a custom looking head, and ran as the compressor.
Grimmer Schmidt 175 V-351W Portable Air Compressor, 989 Hrs Showing, 175 CFM 100 PSI, V-8 Ford Motor Block, (4) Cylinders Compress Air, (4) Cylinders Fire, Gas 12-Volt System, 14" Tires, NOTE: Not Running At Time Of Listing, Needs Head Gasket
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Do tell about the reed valves
Two reed valves for each cylinder. One lets air in, the other lets air out. Most all piston air compressor work this way.
I would think this modified Ford 351 has a re-balanced crank shaft. So yes you could do it, but just rent a 175 CFM twin screw machine and blast your frame.
For air volume, piston compressors are dinosaurs. Twin screw pumps are the industry standard for durability and performance.